Sky Sports News sources understand that Kevin Keegan met Newcastle owner Mike Ashley for talks on Friday.
Keegan left St James' Park last week after days of uncertainty over whether he had been sacked as manager or walked away.
He later confirmed that he had resigned because he did not have the control he wanted over club matters.
The announcement brought an end to Keegan's second spell in charge of the Magpies, after he dramatically succeeded Sam Allardyce as boss in January.
It is now believed that Keegan has spoken to Ashley in London, although there has been no confirmation from Newcastle.
It is not known what the pair may have discussed, as speculation continues over who will be the next Newcastle manager.
The latest development has propelled Keegan back among the favourites for the job, while the likes of Gustavo Poyet and Paul Ince have been strongly linked.
One bookamker has slashed keegans odds of being next?! newcastle manager to even money! The soap opera continues